Viva Industrial Trust

Viva Industrial Trust: 4Q13 DPU of 1.08¢ on distributable income of $6.4m, came largely in-line with IPO forecast. Gross revenue of $9m and NPI of $6m beat IPO forecasts by 3% and 6% respectively. The better than expected results were due mainly to higher rental income derived from UE BizHub EAST and lower marketing expenses incurred for Technopark@Chai Chee. Gearing at 38.1%. At current price of $0.78, Viva trades at 5.5% distribution yield and 1.04x P/B.